South Korea's People Power Party held a closed-door meeting with major cryptocurrency exchange representatives on March 23 to discuss abolishing the virtual asset taxation system scheduled for implementation in 2027, and to hear proposals on stablecoin issuance and legislation. Floor leader Song Eon-suk has already proposed amendments to the Income Tax Act to address the double taxation issue.
South Korean President Nominates Shin Hung-song, Director of Monetary Economics at the Bank for International Settlements, as Governor of the Bank of Korea. He previously expressed concerns about Korean won stablecoins, believing they could lead to capital outflows and impact financial stability. External observers are paying attention to any shifts in his stance on stablecoins after taking office.
